Exam (elaborations)
Icbc exam 2 questions and answers
- Course
- Institution
Icbc exam 2 questions and answers
[Show more]
Content preview
Icbc exam 2 questions and answers1. To bind a risk means:
a.
The broker has committed an insurer to provide a contract of insurance on the
subject matter under discussion.
b. To bind an insured to pay the premium,
c. It is a contract between two insurers to bind each other.
d. None of the above. - Answer -a.
The broker has committed an insurer to provide a contract of insurance on the
subject matter under discussion.
In the following case the insurer must give its consent to the transfer of an existina
insurance contract when:
A)The insured died and his legal heirs have taken over the property.
B)The insured decred and in propy is assigned.
C)The insured died and his successors have become the owners.
D)The insured sold his nome and the new owners want to continue the existing policy -
Answer -D)The insured sold his nome and the new owners want to continue the existing
policy
Under a policy of "fire" insurance the insurer must make pavment for a loss within:
A)45 days of the proof of loss has been submitted by the insured.
B)60 days from the date of loss.
C)60 days from the date the proof of loss being submitted by the insured unless the
contract provides for a shorter period.
D)30 days from the date of expiry of the policy. - Answer -C)60 days from the date the
proof of loss being submitted by the insured unless the
contract provides for a shorter period.
Licensing of insurance broker and supervision of insurance contract is the responsibility
of:
A)Federal government
B)Insurance Companies
C)Provincial government
D)Municipal Corporation - Answer -C)Provincial government
Major function of insurance is:
a. The assurance given by one person to indemnify the other for any losses:
C) To share losses of few among many.
,D) To identify physical hazards.
d. To indemnify the insured in the event of loss - Answer -C) To share losses of few
among many.
An Insured may terminate an insurance policy:
a. By giving 15 days notice
b. Any time on request
c. 5 day notice personally delivered.
d. 30 days notice - Answer -b. Any time on request
Which premises Is not
conrad under personal lablity coverate of Section /or Homeowner form: - Answer -Land
leased to insured
An insurance pollcy starts at :
a. 12.01 am standard time at the address of named insured.
b. 12.01 am standard time at the location insured.
c. 12.01 pm local time at the location of risk insured.
d. 12.01 pm at the address of insured. - Answer -a. 12.01 am standard time at the
address of named insured.
A physical hazard is:
a. Condition of the premises insured.
b. Financial condition
of the applicant,
C. Indifferent attitude of the insured.
D. Previous Caims taken by the applicant. - Answer -a. Condition of the premises
insured.
The insured premisas is mortgaged with Dogwood trust company, There is a fire on the
premises but the insured
lies before making a claim. Who has griority over the claim.
a. Dogwood trust company.
b. An agent of the insured.
c. The executor or his will
d. None of the above - Answer -
in a fire policy, all of the following losses are excluded Except one:
a. Yard maintenance equipment.
b. An automobile owned by the insured
C. A pet cog.
d. None or the above - Answer -a. Yard maintenance equipment.
Under what circumstances an appraisal can be asked:
a. When the loss is above 100,000.
B. To ask the insured to sign a statutory declaration.
, d. To appraise the amount of settlement being offered. - Answer -d. To appraise the
amount of settlement being offered.
Your client is running a furniture store, a loss is payable on replacement cost basis.
Which
of the following is not a requirement?
a. To rebuild at the same or adjacent site.
b. To effect the replacement with due diligence and dispatch.
c. Loss will be paid when the replacement is actually effected.
d. Work should start within 45 days of insurer agreeing to pay the loss. - Answer -d.
Work should start within 45 days of insurer agreeing to pay the loss.
The broader form covers the following risks:
a. All damages of direct physical nature subject to policy conditions and exclusions
b. InCome loss from business
C. All indiroct losses subject to policy conditions & exclusions - Answer -a. All damages
of direct physical nature subject to policy conditions and exclusions
15. Deductible is:
a. The amount if insured is required to absorb during the policy.
b. The amount of insures is required to pay upon a loss,
Or
C. The amount the insured is required to absorb for each loss.
d. The amount of premium which is due for payment. - Answer -C. The amount the
insured is required to absorb for each loss.
Warranty means:
A. Any change which increases
the chances of loss.
b. If not communicated to the insurer, it may
refuse to Issue the dolley.
C. The promise of the insured that certain facts are true and
Will remain true
during the term of the policy.
D. pavable at the time of loss. - Answer -C. The promise of the insured that certain facts
are true and
Will remain true
Meaning of risk:
A. Chances of financial loss
B. The cause of oss
C. The cause of a peril
D. The physical hazard - Answer -A. Chances of financial loss
A client has not intentionally reported a previous loss on his insurance application.
Which of
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81113 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now